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Major Economic indicators (2007)
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Land Area
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21,084 square km
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Population
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4.0 million
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GDP
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RMB 82.1 billion (US$10.9 billion), 15.0% up
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GDP Composition
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Primary Industry (Agriculture)
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13.4%
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Secondary Industry
(Industry&Construction)
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52.8%
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Tertiary Industry(Service)
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33.8%
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GDP Per Capita
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RMB 20,355 (US$2,706)
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Unemployment Rate
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4.1%
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Fixed Asset Investment
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RMB 39.0 billion (US$5.2 billion), 20.7% up
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Utilized FDI
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US$136 million, 17.9% up
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Total Import & Export
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US$855 million, 50.3% up
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Export
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US$612 million, 49.4% up
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Import
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US$243 million, 52.6% up
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Sales of Consumer Goods
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RMB 31.1 billion (US$4.1 billion), 18.7% up
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Source: Yichang Economic and Social Development Report 2007
Introduction
Yichang, lying on the northern bank of the Yangtze River, is famed as the largest hydroelectric base in China. Both the Three Gorges Dam, the largest hydroelectric power station in the world, and the Gezhouba Dam are located in the city.
Located in the southwestern part of Hubei, Yichang borders Jingzhou and Jingmen to the east, Hunan Province to the south, Enshi to the west, Shennongjia Forest Zone and Xiangfan to the north. The Wuhan-Yichang Highway, the Shanghai-Chengdu Highway, the Wuhan-Yichang Railway and the Shanghai-Wuhan Railway run through Yichang, connecting the city with other major domestic cities. Yichang Sanxia International Airport, 26 km from the city's downtown area, operates air routes to Beijing, Guangzhou, Chengdu and other domestic cities.
The city has a population of 4 million and covers an area of 21,084 sq km. It has a sub-tropical monsoon climate with four distinct seasons. The average temperature in Yichang is about 15℃.
It is rich in phosphorite resources. Its phosphorite reserves exceed 1.1 billion tons, accounting for over one half of Hubei's total.
Economic Features
In 2007, Yichang’s GDP amounted to RMB 82.1 billion, representing an increment of 15.0% over the previous year. It constituted nearly 9% of Hubei Province's total GDP and ranked second among the 13 prefecture and prefecture-level cities in the province, following Wuhan, the provincial capital.
Secondary industry, the main sector in Yichang, generated value-added output of RMB 43.3 billion in 2007, comprising 52.8% of the city's GDP. Tertiary industry, which gained value-added output of RMB 27.7 billion, accounted for 33.8% of Yichang's GDP, while primary industry realized value-added output of RMB 11 billion, made up 13.4% of the city's economy.
In 2007, enterprises with designated size or above generated value-added industrial output of RMB 33.9 billion, rising 23.9% from the previous year. The value-added industrial output from heavy industrial enterprises and light industrial enterprises soared 23.2% and 26.1% to RMB 26.2 billion and RMB 7.7 billion, taking up 77.3% and 22.7% of the city's total, respectively.
Yichang participates in major industries like electricity production and supply, chemicals, agricultural products processing and pharmaceuticals. In 2007, value-added industrial output from these industries surged 32.2% to RMB 29.3 billion, comprising 86.6% of the city's total. It is home to Angel Yeast<600298>, Hubei Yihua Chemical Industry<000422> and Hubei Sanxia New Construction Materials<600293>, all of which are listed companies.
Angel Yeast, established in 1986, is mainly engaged in the manufacture of yeast products and derivatives. In 2008, its revenue rose 23.6% from a year earlier to RMB 1.3 billion, while its net profit edged up 15.3% to RMB 104.5 million. Hubei Yihua Chemical Industry is a leading fertilizer producer in China. It is the second largest phosphorus fertilizer producer after Yuannan Yuntianhua Co Ltd in China in terms of output in 2007. It produced 1.45 million tons phosphorus fertilizer in 2007. Yihua Chemical Industry was founded in 1977 and went public on the Shenzhen Stock Exchange in 1996. In 2008, its revenue surged 40.5% to RMB 7.1 billion, while its net profit dropped 35.3% to RMB 263.8 million.
Yichang is a top tourism destination in Hubei. In 2007, over 10 million tourists visited the city. The tourism income in the city grew 12.0% to RMB 7.2 billion, composing 11.8% of Hubei's total and ranking second after Wuhan in the province.
In 2007, the foreign trade value in the city surged 50.3% to US$855 million, comprising export value of US$612 million and import value of US$243 million. Phosphorus products are the major export product from Yichang. The export value of the phosphorus products more than doubled to US$198.2 million, accounting for 32.4% of the city's total export value in 2007.
Yichang’s utilized FDI was US$136 million in 2007, soaring 17.9% from a year earlier. L'Oreal from France and Mitsui from Japan have made major investments in the city.
Cultural Highlights
Yichang's history stretches back 2,700 years. In ancient times, Xiling tribes lived in Yichang. In BC278, during the Qin Dynasty, Yiling Shire was set up in the region. It was named Yichang in AD1735 during the Qing Dynasty. In 1876, Yichang became a foreign trade port.
The city enjoys diverse cultures, such as Tujia Culture, Ba Culture and Chu Culture. The traditional festivals, costumes and cuisine of the Tujia ethnic minority group are well-preserved in Yichang.
Tourist Attractions
There are abundant natural reserves and various historical sites in Yichang. The Three Gorges area of the Yangtze River is the most popular tourist attraction in the city. It starts from Baidi Town of Chongqing and ends at Nanjin Pass of Yichang. The three gorges are Qutang Gorge, Wu Gorge and Xiling Gorge. The Three Gorges Dam is situated on the Xiling Gorge, the longest of the three gorges. Travelers can sail along the Yangtze River and enjoy magnificent scenery along the both banks of the river. Travelers should also visit Yuquan Temple, Qingjiang Small Three Gorges, the Ancient Battlefield of the Three Kingdoms Period and the Baren Ruins.
Preserved meat of Tujia (a kind of salty meat), Radish Dumplings, Fried Potatoes and Spicy Shrimp are the most featured local dishes in Yichang.
Source: China Knowledge
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